Tesla (TSLA) reported an EPS of Adj US$2.18 and a US$6.04 billion revenue for Q2 2020, exceeding Wall Street's estimates. After TSLA trading officially closed on July 22, Tesla released its Shareholder Letter before its Q2 2020 Earnings Call.
TSLA stock closed at US$1,152.92.33, up +1.53% from the previous day. As soon as Tesla released its Q2 2020 Shareholders Letter, the stock shot up by almost 4% to US$1,649.00. Its market cap is now US$295.337 billion.
Tesla reports Q2 Model S/X deliveries was 10,614 and Model 3/Y Deliveries 80,277
Tesla says it's continuing to build capacity for Model Y at Gigafactory Berlin and Gigafactory Shanghai
Tesla installing more machinery at Fremont Factory, which is expected to increase total Model 3/Model Y capacity from 400,000 to 500,000 units per year
Storage deployments increased sequentially to 419 MWh, driven by increases in both Powerwall and Megapack
Analysts and investors alike anxiously waited for Tesla's Q2 financial results because it would determine whether or not TSLA stock could be added to the S&P500 index. Both Tesla bulls and bears were divided in their forecasts, but the majority predicted a profitable Q2 after the company released its production and delivery report.
The Fremont Factory was still shut down at the beginning of the second quarter because of the pandemic. But Tesla still managed to report impressive production and delivery numbers, partly thanks to Giga Shanghai and demand for the Model Y.Follow @PurplePanda88